In a move timed to complement the company’s relocation of its headquarters — and 1,000-plus jobs — advisor-cum-Broadway producer Adam Sansiveri will head up AllianceBernstein’s new wealth management office in Nashville
“The vibrant culture and business identities of Nashville embody the types of people we represent at Bernstein,” Sansiveri, a Nashville native and former vocalist, said in a statement. “I am excited to get to work with and provide solutions for the amazing people in this town."
The firm announced in May that it would move 1,050 jobs to Nashville over the next several years, while much of its wealth management operations will remain in New York City. The Wall Street Journal reported the move is a cost-savings measure. It marks the exit of one of Wall Street’s oldest names from New York and is expected to take years to complete while new offices are being built.
Since joining Bernstein in 2011, Sansiveri has lead the unit’s sports, media and entertainment group. He previously worked in the firm’s global wealth management office in New York. The division employs about 205 wealth advisors, he says.
Prior to joining Bernstein, Sansiveri produced Broadway shows and was a co-founder of a digital design company focused on the entertainment industry, the statement says. He serves as chairman of the Broadway Dreams Foundation, which trains young performers from cities around the world that lack arts training and runs an annual fundraising event in New York City.
Sansiveri has produced or invested in more than a dozen shows, including "Moulin Rouge!" and "The Band’s Visit." His shows have collectively earned 10 Tony Award nominations and two wins, according to his spokeswoman Megan Kernan. The Internet Broadway Database lists him as a producer of the musical comedy "Guys and Dolls" and the play "Speed-the-Plow."
Before entering finance, Sansiveri performed at The Metropolitan Opera, Carnegie Hall, Tanglewood and other notable venues, according to an online biography.
Sansiveri’s new office is expected to open in the second half of 2019. It will be AllianceBernstein’s 20th location.
“Opening a new private wealth office in Nashville allows us to get closer to the high net worth families we [currently] serve in middle Tennessee from our other offices in the Midwest and Southeast," David Barnard, AllianceBernstein’s head of private wealth management, said in the statement. Sansiveri "is the natural choice to lead this initiative."
The firm managed $89 billion in client assets at the end of last year.